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Functional Safety Market Growth, Size, Trends Analysis - By Device, By Systems, By Industry - Regional Outlook, Competitive Strategies and Segment Forecast to 2034

Publisher SPER Market Research Pvt. Ltd.
Published May 01, 2025
Length 244 Pages
SKU # SPER20068091

Description

Functional Safety Market Introduction and Overview

According to SPER market research, ‘Global Functional Safety Market Size- By Device, By Systems, By Industry – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Functional Safety Market is predicted to reach 12.25 billion by 2034 with a CAGR of 6.51%.

Functional safety is the component of safety that guarantees a system or device responds to inputs appropriately even when there are flaws. It is accomplished by the identification of possible risks, evaluation of related risks, and use of risk-reduction strategies. Functional safety is used extensively in sectors where malfunctions could cause injury, such as medical equipment, industrial automation, automotive, and aerospace. Standards like IEC 61508 (general safety) and ISO 26262 (automotive) are cited.

Restraints:

Adoption may be severely hampered by the high upfront costs and complexity of putting in place functioning safety measures, especially for small and medium-sized businesses (SMEs). Furthermore, incorporating new systems into current processes can be challenging and need specific expertise and abilities that the company may not have on hand. The expense of managing and maintaining these systems is further increased by the requirement for specialist staff.

Scope of the report:

Report Metric Details

Market size available for years 2021-2034

Base year considered 2024

Forecast period 2025-2034

Segments covered

By Device, By Systems, By Industry

Regions covered

North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa

Companies Covered

ABB Ltd., DEKRA Group, Emerson Electric Co, Endress+Hauser Management AG, General Electric Company, HIMA Paul Hildebrandt GmbH, Honeywell International Inc., Omron Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corporation, Modelwise, Ascent Labs.

Global Functional Safety Market Segmentation:

By Device:

Based on the Device, Global Functional Safety Market is segmented as; Safety Sensors, Safety Modules, Valves, Programmable Safety Systems, Safety Switches, Actuators, Emergency Stop Devices.

By Systems:

Based on the Systems, Global Functional Safety Market is segmented as; Emergency Shutdown Systems, Fire & Gas Monitoring Controls, Turbo machinery Controls Systems, Burner Management Systems, High Integrity Pressure Protection Systems, Distributed Control Systems, Supervisory Control and Data Acquisition Systems.

By Industry:

Based on the Industry, Global Functional Safety Market is segmented as; Oil & Gas, Power Generation, Chemicals, Food & Beverages, Pharmaceuticals, Automotive, Railways.

By Region:

This research also includes data for North America, Latin America, Asia-Pacific, Europe and Middle East & Africa.

Table of Contents

244 Pages
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Functional Safety Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Functional Safety Market
7. Global Functional Safety Market, By Device 2021-2034 (USD Million)
7.1. Safety Sensors
7.2. Safety Modules
7.3. Valves
7.4. Programmable Safety Systems
7.5. Safety Switches
7.6. Actuators
7.7. Emergency Stop Devices
8. Global Functional Safety Market, By Systems 2021-2034 (USD Million)
8.1. Emergency Shutdown Systems
8.2. Fire & Gas Monitoring Controls
8.3. Turbo machinery Controls Systems
8.4. Burner Management Systems
8.5. High Integrity Pressure Protection Systems
8.6. Distributed Control Systems
8.7. Supervisory Control and Data Acquisition Systems
9. Global Functional Safety Market, By Industry 2021-2034 (USD Million)
9.1. Oil & Gas
9.2. Power Generation
9.3. Chemicals
9.4. Food & Beverages
9.5. Pharmaceuticals
9.6. Automotive
9.7. Railways
10. Global Functional Safety Market, 2021-2034 (USD Million)
10.1. Global Functional Safety Market Size and Market Share
11. Global Functional Safety Market, By Region, 2021-2034 (USD Million)
11.1. Asia-Pacific
11.1.1. Australia
11.1.2. China
11.1.3. India
11.1.4. Japan
11.1.5. South Korea
11.1.6. Rest of Asia-Pacific
11.2. Europe
11.2.1. France
11.2.2. Germany
11.2.3. Italy
11.2.4. Spain
11.2.5. United Kingdom
11.2.6. Rest of Europe
11.3. Middle East and Africa
11.3.1. Kingdom of Saudi Arabia
11.3.2. United Arab Emirates
11.3.3. Qatar
11.3.4. South Africa
11.3.5. Egypt
11.3.6. Morocco
11.3.7. Nigeria
11.3.8. Rest of Middle-East and Africa
11.4. North America
11.4.1. Canada
11.4.2. Mexico
11.4.3. United States
11.5. Latin America
11.5.1. Argentina
11.5.2. Brazil
11.5.3. Rest of Latin America
12. Company Profile
12.1. ABB Ltd.
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Ascent Labs
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. DEKRA Group
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Emerson Electric Co.
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. Endress+Hauser Management AG
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. General Electric Company
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. HIMA Paul Hildebrandt GmbH
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Honeywell International Inc.
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Omron Corporation
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Rockwell Automation Inc.
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links

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